EnWave Reports 2026 First Quarter Consolidated Interim Financial Results

Executive Summary

• EnWave reported Q1 2026 revenue of CAD $1,600 k, a 36% increase year‑over‑year driven by large‑scale machine sales and higher royalties.
• Adjusted EBITDA loss narrowed to CAD $(585) k from $(635) k in the prior year; gross margin improved to 37% versus 29%.
• The company signed three new commercial license agreements (CLA) for its REV™ machines in Australia, New Zealand and the United States.

Key Details

• Revenue: CAD $1,600 k (+36% YoY).
• Base Royalties: CAD $500 k (+18% YoY).
• Total Royalty Revenue: CAD $627 k (+12% YoY).
• Gross Margin: 37% (up from 29%).
• Adjusted EBITDA Loss: CAD $(585) k (improved by $50 k YoY).
• Net Loss – Continuing Operations: CAD $(1,108) k (18% increase).
• Operating Expenses: SG&A total CAD $1,468 k (+16% YoY); breakdown: General & Administration CAD $516 k (+22%), Sales & Marketing CAD $553 k (+14%), R&D CAD $399 k (+11%).
• Machine Activity: Commissioned one large‑scale machine; fabricated two additional machines on contract during the quarter.
• Corporate Agreements:
• CLA with Gowen Gumlu Grower’s Association (Australia) – purchase of a 10 kW REV™ machine via reseller Scitek.
• CLA with Shinyway International Limited (New Zealand) – service provider for cannabis processing.
• CLA and equipment purchase agreement with a U.S. snack company for a 10 kW REV™ machine.
• Non‑IFRS Measures: Adjusted EBITDA defined; reconciliation provided in MD&A.

Notable Quotes

• “Our Q1 performance reflects the growing demand for our vacuum microwave dehydration technology and validates our strategy of expanding royalty‑bearing commercial licenses worldwide,” – Brent Charleton, President & CEO.